According to a JSE press release of August 14, the Canadian Fintech startup Blockstation is all set to launch a new project. It will permit Jamaica Stock Exchange (JSE) to give trading execution, settlement services and quotes for cryptocurrencies. In this way, it will introduce cryptocurrency and token trading on the platform of the Jamaica Stock Exchange.
Progressive mindset of Jamaica
Following this move, this financial institution will allow the investors to trade in the digital assets. Kirk Brown, the head trader for a broker member of Jamaica Stock Exchange confirmed the same. The Managing Director of the JSE Marlene Street Forrest said,
“We are very comfortable moving forward based on the training and support provided by Blockstation. And because their trading platform incorporates familiar compliance rules to ensure a fair marketplace.”
A live workshop took place prior to the deal was made. And 5 broker members participated along with the representatives from the local regulators. Along that time, beta testing of Blockstation with the institutions that participated was also completed in Jamaica. A Memorandum of Understanding (MOU) was signed by JSE with Blockstation. It said that these organizations will be collaborating in the near future.
Mayberry Jamaican Equities
The Main Market Capitalization of JSE increased to more than $1.19 trillion after the successful IPO (Initial Public Offering) of Mayberry Jamaican Equities by the end of July 2018. First formed in 1968, the number of securities in the firm has reached 107. Meanwhile, the total number of companies listed in the exchange is 74 by early 2018. In the start of August 2018, Alexander Hoptner who is the CEO of Germany’s second largest stock exchange Borse Stuttgart said that the exchange developed a new platform for Initial Coin Offerings (ICOs) in response to “demand from both retail and institutional investors for a regulated and reliable environment for trading with cryptocurrencies.”